Gediminas Jasionis

Triangle Petroleum Corporation (OTCBB: TPLM) Moves up, Breaks Resistance

by Gediminas Jasionis February 9, 2010
Triangle_logo.jpgTuesday was a nice day for Triangle Petroleum Corporation (OTCBB: TPLM) followers, as the stock pushed up through one significant resistance at $0.4 and headed further up, still retaining strong volume and showing persistence moving on recent news.

As for review, the company has recently acquired 4,000 acres of land in Williams and McKenzie counties and entered into a partnership contract with Slawson Exploration, which will aid them in acquiring promising oil and gas exploration areas in the Williston Basin.

On the technical side, as mentioned before, the price has emerged from the consolidation period, though it didn't react with confidence right after the news. The push was likely influenced by strong overall market gains as investors appreciated tension relieving news of possible financial aid for Greece.

The situation is rather unusual right now, but the strong volume suggests that follow through is possible. Currently the price is far above the important moving averages of 50 and 200 days. Current movement also relies on up-trending support, which has extended over half a month without being broken and has added to the current break up.

The price has rallied since November 2009, when the company made changes to their board of directors and Dr. Peter Hill took over as CEO.

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